The Nasdaq index sheds 34.27 points (-0.18%) as market bears take the reigns

Published: January 26 2023, 03:15 GMT+0

The Nasdaq index sheds 34.27 points (-0.18%) as market bears take the reigns

A quick look at yesterday: Nasdaq dropped 34.27 points early on and stayed at 11,300.

United States Crude Oil Inventories fell short of the 971,000 projections, with new data of 533,000.

While price action maintains a negative bias, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

In the meantime, negative performances are also seen in other markets, ASX 200 lost 0.3% yesterday and closed at 7,490.4.

Positive performances can be seen by looking at other markets as Hang Seng is trading around 22,424 after ending yesterday's session at 22,045 (up 1.72% today). KOSPI Composite Index is trading around 2,444.76 after ending yesterday's session at 2,428.57 (up 0.67% today).

Looking ahead, ongoing depreciation may be prolonged as today at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%.

In addition, United States Pending Home Sales is projected to outperform its last figure with -0.9%, having previously been at -4%. The figure will be published tomorrow at 15:00 UTC.

Furthermore, United States Core PCE Price Index (MoM) (Dec) is expected tomorrow at 13:30 UTC.

The Nasdaq hit a significant low of 10,200 around 29 days ago, but has since recovered 11%.

Back